DeFi Technologies Inc. (the “Company” or “DeFi Technologies“) (NEO: DEFI) (GR: RMJR) (OTC: DEFTF) announces initial Shyft Network Node earning of 300K+ of Shyft tokens over two months and expects to generate about 6800 Shyft tokens daily or 2,482,000 Shyft tokens per year. The Company is running a validator on the Shyft Network, the private, semi-permissioned blockchain designed to embed trust, validation and discoverability into public and private ecosystems.
The Shyft Network protocol is an intraoperative, transformative solution that enables identity verification, validation and the sending of credentials and other data across multiple different blockchains and networks. The protocol was designed to help virtual asset service providers (VASPs), brokers, and financial institutions achieve full compliance with the Travel Rule, which was standardized globally by the Financial Action Task Force in 2019, and ease friction in the deployment of technical compliance solutions for virtual assets.
DeFi Technologies generates revenue by running a node on the Shyft Network which secures the network and validates transactions. In return for providing the service, DeFi Technologies earns the transaction fees on the network and the Shyft Network token issuance. The earnings generated by running this node on the Shyft network will be used to help fund development of products being built on the Shyft network, as well as several other initiatives like providing liquidity to the market, creating institutional trading products, amongst other things.
Russell Starr, Executive Chairman of DeFi Technologies stated: “As our entire business platform at Valour continues to grow in terms of AUM and revenues, to see our governance product now kick in and add to our already substantial revenue profile is incredible news for shareholders. What is even more exciting are our new products coming to market along with our intent to also build out a node portfolio. DeFi Technologies remains one of the only ways for investors to get exposure to DeFi TVL (which has grown to US$157 billion) in a listed and regulated equity market.”
Currently DeFi Technologies is running one Shyft node. Through July and August of 2021, DeFi Technologies has generated over 300,000 Shyft Tokens. The current network price of the Shyft Tokens is US$1.05.
Wouter Witvoet, DeFi Technologies’ Chief Executive Officer, said: “This is a really exciting start of our governance business line and shows the potential of DeFi Technologies to be a core actor in enabling decentralized networks. The lessons learnt in our initial partnership with the Shyft foundation will give us a template of how we can work with other players in the space.”
DeFi Technologies offers governance as a part of its product suite. As more DeFi applications seek to improve the way their projects are governed by their respective token holders a need has emerged for independent governance.
The best way to think of it is similar to a public company opting to install independent board members. The DeFi Governance product works with decentralized networks to run independent nodes that validate transactions and provide governance on the network.
As the only public company dedicated to the DeFi space, the company believes it is uniquely positioned to fulfill this emerging need in the marketplace.